Oil Prices Climb Above $110 as Middle East Supply Fears Persist

Crude oil prices ticked higher earlier today, extending gains from Tuesday as traders continued to worry about the stability of flows out of the Middle East. At the time of writing, Brent crude was trading at $110.30 per barrel, with West Texas Intermediate at $99.12 per barrel, both up by over 1% from Tuesday. The latest inventory report out of the U.S. contributed to the bullish sentiment with another sizable draw estimated for last week. The rally also comes despite a Wall Street Journal report from Tuesday that said oil flows out of the Middle…